WTI Price Forecast: Holds above $95.50, remains close to multi-week top amid bullish setup
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – edges lower during the Asian session on Friday, trading as it holds above mid-$95.00s and remains close to a nearly four-week high, touched the previous day.
WTI (West Texas Intermediate) oil prices maintain their upward trajectory, hovering around the mid-$95.00 range and nearing a four-week high. President Donald Trump reassures that he will not resort to nuclear weapons or deploy ground troops in Iran, reducing worries about further Middle East tensions. Despite ongoing hostilities between Iran-backed Houthis in Yemen and Saudi Arabia, geopolitical risks persist.
Meanwhile, the US-Iran conflict and the Strait of Hormuz are boosting crude oil prices. From a technical standpoint, WTI oil shows bullish potential near a four-week peak, supported by being above the 200-period Simple Moving Average (SMA) on the 4-hour chart and the 50% Fibonacci retracement level from September-October. The Moving Average Convergence Divergence (MACD) indicator is also positive, with the latest reading at 0.12, and the Relative Strength Index (RSI) at 63.10 indicates a bullish but not yet overbought condition.
Support can be found near the 50% retracement at $94.18, with the 200-period SMA clustered around $92.50 and the 38.2% retracement at $92.31. Potential resistance levels include the 61.8% Fibonacci retracement at $96.05 and the 78.6% level around $98.72, with the recent high of $102.11 acting as a long-term ceiling if the rally continues.
Factors like global growth, geopolitical events, OPEC decisions, and the US Dollar's value also play crucial roles in determining WTI oil prices.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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